STOCK XYZ (END-OF-YEAR VALUES) 2003 2004 2005 2006 2007 Stock Price Dividends $20.50 $0.23 $24.00 $0.23 $36.25 $0.25 $43.00 $0.27 $56.50 $0.31 20. Calculate the compound annual rate of return on the stock investment. 21. For the dividends, calculate the a. arithmetic average annual growth rate, and b. geometric mean growth rate. 22. Suppose you bought the stock for $20.50 at the end of 2003 and still own it. You received dividends in 2004-2007. Calculate your holding period return. 23. Using the growing perpetuity model (also called the dividend discount model) and the growth rate you determined in the previous question, solve for the shareholders' required rate of return that is implied by the 2007 stock price. (This is the discount rate in the model.) If you were